The plans will see the site, which is currently a temporary surface car park, redeveloped as part of Hammerson’s City Quarters concept.
This aims to create lively mixed-use neighbourhoods around flagship leisure and retail centres.
This latest move follows the recent submission of mixed-use planning applications for Martineau Galleries in Birmingham, the Goodsyard in Shoreditch and a residential development adjacent to Dundrum in Dublin.
The iconic building is designed by ACME, the same architect that planned and delivered Victoria Gate. It will also feature on-site gym and conferencing facilities; a new contemporary bar and restaurant on the ground floor will welcome both guests and visitors to the city.
Nearly 1000 construction jobs could also be supported during the construction period.
Robin Dobson, UK Director of Development and Project Management at Hammerson said: “Hammerson has a successful track record of creating vibrant continually evolving places in and around thriving European Cities, and we are delighted to continue this journey with a prestigious hotel, restaurant and bar for this iconic destination.
“This is an important next step in our City Quarters concept, which will see us develop the area into a thriving cultural quarter adjacent to Victoria Leeds.
“It is hugely encouraging to have received such strong support for the proposals, and I would like to thank the local community for sharing their thoughts with us ahead of submission.”